NYSP

• Below Replacement Cost – Offered at approximately $78 per square foot, the property represents a compelling basis well below estimated replacement cost. The combination of the property’s basis and existing rental rate would be difficult for the tenant to replicate through new construction or relocation.
• Low Management Responsibilities – The tenant is responsible for heating, electricity, telephone expenses, and reimbursement of 50% of property taxes, reducing ongoing ownership responsibilities and operating expenses.
• Below Market Rent – CoStar estimates average office rents within the submarket at approximately $17.73 per square foot. With the property currently leased at approximately $10.13 per square foot, the existing rent remains well below prevailing market levels, providing potential leasing flexibility should the current tenant eventually vacate.
• Long-Term Commitment – The State has occupied the facility since 1986, demonstrating nearly four decades of commitment to the location. This established tenancy is further supported by the execution of a new lease in 2025.
• Large Lot With Flexible Utility – Situated on approximately 1.60 acres with an estimated 35 to 45 parking spaces, the property offers ample parking and site flexibility that could accommodate a variety of future tenant uses.